Rubber price movements weakened at the end of trading the second day in a row, Friday (6/10/2017). The weakening of rubber prices on the second day is also eroding weekly strengthening.
The price of rubber for delivery in March 2018, the most active contract on the Tokyo Commodity Exchange (Tocom), closed down 0.38% or 0.80 points at 207.20 yen per kilogram (kg).
Previously, rubber prices opened down 0.34% or 0.70 points at 207.30 level after trading on Thursday (5/10) ended down 0.24% at 208 level.
Although further weakened, the rubber still keeps a weekly gain.
The low rubber reserves in Japan supported the strengthening of oil prices since the beginning of this week. Japan's raw rubber inventories are reportedly down 7% to 5,781 tonnes.
According to Gu Jiong, analyst Yutaka Shoji, rubber prices are affected by the actions of some investors who reduce their ownership.
"Some investors are reducing their holdings on this commodity in thin trade ahead of Japan's national holiday on Monday and the resumption of trading activity in China next week," he said, as quoted by Bloomberg.
On the other hand, the yen continued to weaken 0.15% or 0.17 points to 112.99 per dollar at 14.13 Western Indonesia Time, after on Thursday (5/10) ended up depreciating 0.05% at 112, 82.
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